In Standish & Ors v The Royal Bank of Scotland Plc & Anor (the “Judgment”), the High Court confirmed that the duties owed by a shadow director are limited to the subject matter of their instructions.
This alert is...more
On 20 May 2020, in response to the coronavirus pandemic, the UK government published the text of the Corporate Insolvency and Governance Bill 2020 (the “Bill”), a 238-page document which sets out some of the most sweeping...more
Insolvency intersected with the UK government’s response to the coronavirus pandemic in an application to the High Court by the administrators of restaurant chain Carluccio’s. Considering the government’s Coronavirus Job...more
This client alert summarises the recent announcement by the UK government concerning reforms to UK insolvency law to help struggling businesses, being:
•US-style restructuring tools to allow companies to continue trading as...more
3/30/2020
/ Best Practices ,
Business Continuity Plans ,
Coronavirus/COVID-19 ,
Crisis Management ,
Emergency Management Plans ,
Health and Safety ,
Infectious Diseases ,
Public Health ,
Risk Management ,
Traveling Employee ,
Workplace Safety
As COVID-19 continues to cause widespread economic disruption, the UK government has announced lending measures to support struggling businesses. This alert summarises:
•the measures available;
•key legal considerations for...more
SUMMARY-
A receiver appointed under a mortgage of property owned by individuals (not a company) can claim possession of the property occupied by the mortgagors by suing in his or her own name as receiver. The court also held...more
Case: Lehman Brothers International (Europe) (in administration) [2018] EWHC 1980 (Ch), Hildyard J (27 July 2018) -
The High Court sanctioned a complex scheme of arrangement (“Scheme") under the Companies Act 2006 (“CA...more
Case: Pantiles Investments Ltd & Anor v Winckler [2019] EWHC 1298 (Ch) (23 May 2019) -
A recent decision of the English High Court (the “Court”) has found a director guilty of fraudulent trading under s. 213 Insolvency Act...more
A recent decision of the High Court of Justice in England & Wales in Re Burnden Holdings (UK) Limited (in liquidation) [2019] EWHC 1566 (Ch) (“Burnden Holdings”) provides a thorough review of English dividends law, including...more
Much controversy followed the British government’s announcement in 2018 that it intended to reintroduce a statutory priority for certain tax debts of companies subject to the UK insolvency regime. Following consultation by...more
The Court of Appeal of England and Wales (“CA”) made a significant ruling on two matters affecting the powers and duties of directors of English companies....more
Government Position on Bank Recovery and Resolution Directive after Brexit -
The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (the ‘BRR Regulation’) came into force on 20...more
Case: Leibson Corporation and Others v TOC Investments Corporation and Others [2018] EWCA Civ 763 (17 April 2018).
The Court of Appeal of England and Wales (“CA”) has provided clarification on constructing contracts. Its...more
UNCITRAL has adopted and published a second model law to promote universalism of restructuring and insolvency. This new model law is now readily available for domestic implementation across the world. The earlier model law...more
Summary – Decision of U.K. Supreme Court -
The U.K. Supreme Court has closed off a challenge to the restructuring of Banco Esporito Santo (BES) under English law. Through an emergency liquidity facility creditors had...more
The Court of Appeal judgment in the so-called “Waterfall IIA” case signals the English Courts’ reluctance to impute established equitable principles in aid of construing English insolvency legislation. The Court of Appeal’s...more
The Court of Appeal has upheld the validity of Banco de Portugal’s exercise of its resolution powers, overturning last year’s decision of the High Court -
The Facts -
Readers familiar with this case will recall that...more
Last week, the High Court ruled on the meaning of “Default Rate” in the 1992 and 2002 ISDA Master Agreements (together, the “ISDA Master Agreements”). Whilst the decision addresses a multitude of issues, perhaps the most...more
The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more
7/11/2016
/ Bank Recovery and Resolution Directive (BRRD) ,
Banking Sector ,
Creditors ,
Debt Restructuring ,
EFTA ,
EU ,
European Economic Area (EEA) ,
Insolvency ,
Member State ,
UK ,
UK Brexit ,
Winding Up Petitions
Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES).
The...more